Mozo reveals Australia’s best income protection insurance policies for 2020

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It’s understandable if you’ve been looking into income protection insurance lately. This year has been a tough year for many Australians financially and knowing that your income is protected should you suffer from sickness or injury, at least provides some peace of mind.

The problem is there are so many policies to choose from and if you aren’t an expert on insurance industry jargon, it can be hard to know where to start.

Well the good news is that we recently announced the winners of our 2020 Mozo Experts Choice Life Insurance Awards, where we analysed pricing and cover information from multiple life insurers whose policies can be purchased online directly.

2020 Income Protection Insurance Awards Winners Podium  

  • NobleOak - 2020 Life insurer of the Year 
  • NobleOak Premium Life Direct - Exceptional Value Award & Exceptional Quality Award
  • NIB Income Protection - Exceptional Value Award
  • NRMA Income Protection - Exceptional Value Award
  • Virgin Money Income Protection - Exceptional Value Award

“For our Income Protection Insurance Awards we looked at both the quality and the value of the cover. For example, the range of benefits and the affordability of each policy. We were especially impressed with NobleOak, which we deemed worthy of both an Exceptional Quality and Exceptional Value award,” Expert AJ Duncanson said.

Standout Income Protection Policy for 2020

  • Winner of Exceptional Quality and Exceptional Value Awards
  • Insure up to 75% of your pre-tax income (up to $25,000 per month)
  • Protect your income up to age 65

What impressed our experts

After gathering a range of quotes for different demographics (including age, gender, profession and risk level), the experts were particularly impressed with both the value and the quality of NobleOak’s Premium Life Direct policy.

With this policy you can choose either a 30 or 90 day waiting period, a benefit period of 2 years or to age 65, plus there’s a generous maximum cover benefit of up to $25,000 per month (up to 75% of your pre-tax income).

Why choose a Mozo Experts Choice Awards Winner?

Income protection insurance policies are designed to protect your income, should you fall ill or become injured. In fact, you could think of it as a ‘worst case scenario’ safety net. 

For this year’s Mozo Experts Choice Awards our research team looked at pricing and benefits for 25 different insurers in Australia, to determine the winners. By gathering quotes and comparing benefits, we were able to identify the cream of the crop.

Each policy was judged on its value and quality. For both awards the judges gathered quotes for a range of Aussie professions and demographics, including age and gender.

Key criteria for the Exceptional Value award was cost, waiting periods (one or three months were considered) and benefit periods (one or two years). For Exceptional Quality, policies that did not offer cover for partial disability, excluded mental health conditions and overseas events were not taken into consideration.

While NIB, NRMA and Virgin Money all bagged an Exceptional Value award, NobleOak was the only insurer that impressed enough to achieve a gong for both Exceptional Value and Exceptional Quality.

Although NobleOak’s big achievement is hardly a surprise, seeing as it also took out Mozo’s Life Insurer of the Year Award for 2020 and 2019!

Want to learn more about the awards? Check out the full list of winners and read more about the judging criteria over at our 2020 Mozo Experts Choice Awards for Life Insurance page.

*Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement on the provider's website for further information before making any decisions about an insurance product.

Any information provided on this page should be considered a summary and general advice only. All information should be verified before purchase via the relevant Product Disclosure Statement (PDS).

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.